The first three days of the CUNA GAC boils down to the
Hill visits on Wednesday. The LSCU from the GAC video takes you inside those Hill
visits, 36 in all, and shows you the issues credit unions are discussing. Also, one credit union won a national CUNA award for the third straight year.

Tax plan preserves tax exemption, but raises concern in other key area

The
specific credit union tax status is left untouched in a tax reform plan
released today by House Ways and Means Committee Chairman Dave Camp
(R-MI), but the plan does raise some additional tax issues that are
of concern to CUNA.

CUNA President/CEO Bill Cheney said, "The release of the tax reform
proposal today by House Ways and Means Committee Chairman Dave Camp
marks the beginning of an important new chapter in the tax reform
process. We are gratified that the specific credit union tax exemption
is untouched in the Camp proposal, based on our initial read. But we do
have concerns that some federal credit unions could be subjected to tax
liability under other portions of the tax code.

Cheney explained, "We are concerned that the tax proposal appears to subject federal
credit unions to a tax on 'unrelated business activities' for the first
time. We will be working with lawmakers to obtain more clarity on this
provision."

Camp's plan to overhaul the tax code does recommend that the biggest
U.S. banks and insurance companies would be required to pay a quarterly
3.5 basis-point tax on assets over $500 billion, according to various
media outlets.

More generally, the plan for simplification of the tax code would cut
the top income tax rate to 25 percent from 39.6 percent and impose a surtax on some of
the wealthiest households in the country.

That publication, in a sense a formality, changes nothing and is considered "constructive notice," meaning interested parties are now noticed that the rule or proposal exists and what its precise parameters and details are.

Often comment periods or effective dates are not set until the Federal Register notification occurs.

For the risk-based capital rule that means comments will be due 90 days from today.

Almost five and a half million Twitter and Facebook followers were exposed to the credit union message Tuesday through the latest "Don't Tax My Credit Union" social media event--hosted by CUNA and state credit union associations on the eve of Rep. Dave Camp's (R-Mich.) expected release of a tax code reform draft.

Federal lawmakers got into the act to back the credit union tax status too:

Sen. Tammy Baldwin (D-WI) tweeted: @lakeviewcu Thanks for making your voices heard & engaging on this important issue. I stand with you - #DontTaxMyCU - TB

Rep. Lloyd Doggett (D-TX) tweeted: I support credit unions as essential banking options to all Texans. Having worked with #creditunions for 3+ decades, I agree #DontTaxMyCU.

The LSCU is looking for good men and women that have really made a difference at a credit union, within the community, and the credit union industry as a whole, as well as credit unions that are good proponents of the credit union philosophy of “people helping people” whether it’s for its members or community.

Did your credit union have a good year last year? Did it do something outstanding in the way of community involvement? Has your CEO or a member of the management team gone above and beyond in efforts to advance the credit union movement whether it is in your community, your state, or the nation? Is there a young professional that has shown proven dedication and enthusiasm for credit unions? Do you know a credit union director that has served as a lifelong proponent of credit unions and has gone above and beyond the call of duty?

If you answered yes to any of the above questions, submit an entry today. The LSCU award categories include Distinguished Service Award, Professional of the Year, Young Professional of the Year, Volunteer of the Year, Credit Union of the Year (by asset size), and the Brother’s Keeper Award. For a description of each of these awards categories along with entry/nomination information, visit the LSCU CU Awards Program page. Entries and/or nominations are due to the LSCU by Friday, March 28.

LSCU from the GAC Day Three
Alabama and Florida credit union attendees had two meetings with the
NCUA. Additionally, Lawmaker of the Year awards were handed out to Reps.
Spencer Bachus (R-AL) and Alcee Hastings (D-FL).

LSCU from the GAC Day Two The LSCU from the GAC video looks at media opportunities for credit
unions. Plus, a GAC Crasher from Alabama talks about her experience and
what it will mean for her career.

LSCU from the GAC Day OneThe LSCU & Affiliates posts a video each day from the CUNA GAC.. On Sunday, Pen Air FCU volunteer and longtime employee Betty Petree received a prestigious honor and a first time attendee talks about bringing information back to the Young Professionals in his state.

Upcoming Event Deadlines

Extended to Feb. 28 Last day to receive the group hotel rate for the FCUA State GAC - Tallahassee, FL

To ensure delivery, please add 'submissions@lscu.com' to your email address book or Safe Sender List.
If you are still having problems receiving our communications, see our white-listing page for more details.